The hybrid in-band on-channel (IBOC) transmission system, which serves as a digital audio radio scheme, facilitates the simultaneous transmission of analog FM and digital audio. In IBOC systems, broadcasters transmit signals within allocated channel bands, posing a challenge in bandwidth allocation for digital audio transmission. To address this, cooperative game theory, supported by the bankruptcy game and Shapley’s value, is proposed as a strategy to optimize bandwidth allocation at each node or station. This approach considers service demand, the number of stations, and radio channel conditions in the FM band. The paper presents a scenario under saturated traffic conditions to evaluate the degree of optimization achievable using the Shapley value under clearly defined traffic and channel conditions. The results indicate that cooperative game theory, with the support of the Shapley value, offers an excellent alternative for optimizing bandwidth in digital broadcasting over IBOC in FM, with potential applicability in other digital radio broadcasting systems.